BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up – Still a Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares gapped up prior to trading on Monday . The stock had previously closed at $15.79, but opened at $16.71. BitMine Immersion Technologies shares last traded at $17.78, with a volume of 12,645,312 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald decreased their price target on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Finally, B. Riley Financial dropped their price objective on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.65.

BitMine Immersion Technologies Price Performance

The firm’s 50 day moving average price is $16.35 and its 200-day moving average price is $20.32. The firm has a market cap of $10.56 billion and a price-to-earnings ratio of 350.16.

BitMine Immersion Technologies (NYSE:BMNR) last released its earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The company had revenue of $46.53 million for the quarter. Analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers acquired a new stake in BitMine Immersion Technologies during the third quarter worth about $305,000. Blair William & Co. IL acquired a new position in BitMine Immersion Technologies in the 3rd quarter valued at approximately $444,000. CreativeOne Wealth LLC bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $282,000. Jefferies Financial Group Inc. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $508,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $56,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.